Here are the key things you need to know before you leave work today.
TODAY'S MORTGAGE RATE CHANGES
There were no changes today.
TODAY'S DEPOSIT RATE CHANGES
There were no changes today.
RBNZ STAYS 'TIGHT'
Today's big news was from the RBNZ December Monetary Policy Statement. Although there was no rate change, the signals given included that rate hikes are still planned by the central bank, and no more immediate action is due to calm the "Auckland housing crisis". The benefits of a lower oil price and cheap imported capital goods, while the economy expands and employment grows, is clouding the inflation-targeting benchmarks. The currency jumped on the release.
'BEST SEASON YET'
Anyone who wants to look back on last year's dairy season will find it was the best yet, says LIC and DairyNZ. Good grass growth, high production and a record payout saw many of New Zealand’s dairy farmers find the 2013-2014 season as one of the best in history – and now the statistics prove it.
NEW FONTERRA STRATEGY
Fonterra is to fight back against other dairy companies who have signed up their farmer suppliers. They have launched their new MyMilk program to attract those farmers back - without requiring them to buy in to the Co-operative.
NO FOOD PRICE INFLATION
In the year to November 2014, food prices increased 0.6%, down from a 0.9% increase in the year to October 2014. Beef prices are now at their highest level, reflecting higher export prices. Grocery food prices decreased -0.8%, with lower bread and yogurt prices being the main influence. Supermarkets discounting some own-brand bread contributed to lower bread prices in recent months. Fresh milk prices were up +7.6% on a year ago.
CREEPING UP
The Australian unemployment rate for November rose to 6.3%. Their participation rate is unchanged at 64.7%. Employment levels rose more than expected, as did the number of part-time jobs.
WHOLESALE RATES
Swap rates are basically unchanged today. The 90 day bank bill rate is up +1 bp to 3.67%.
NZ DOLLAR STRONGER WEAKER
Check our real-time charts here. The NZ dollar jumped on the RBNZ MPS signals, something the central bank clearly did not intend. It is now at 78.3 USc, 1½ cents above yesterday's level. It's also at 93.8 AUc, a level last seen in July, and the TWI is at 78.5 a whole 100 points higher than yesterday.
You can now see an animation of this chart. Click on it, or click here.
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